<SEC-DOCUMENT>0000724910-14-000013.txt : 20140507
<SEC-HEADER>0000724910-14-000013.hdr.sgml : 20140507
<ACCEPTANCE-DATETIME>20140507161028
ACCESSION NUMBER:		0000724910-14-000013
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20140507
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20140507
DATE AS OF CHANGE:		20140507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NVE CORP /NEW/
		CENTRAL INDEX KEY:			0000724910
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				411424202
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12196
		FILM NUMBER:		14821029

	BUSINESS ADDRESS:	
		STREET 1:		11409 VALLEY VIEW ROAD
		CITY:			EDEN PRAIRIE
		STATE:			MN
		ZIP:			55344
		BUSINESS PHONE:		9528299217

	MAIL ADDRESS:	
		STREET 1:		11409 VALLEY VIEW ROAD
		CITY:			EDEN PRAIRIE
		STATE:			MN
		ZIP:			55344

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PREMIS CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>NVE_Q4_FY2014_8K.htm
<DESCRIPTION>CURRENT REPORT ON FORM 8-K
<TEXT>
<p align="center"><font face="Times New Roman, Times, serif" size="5"><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</b></font><b><font face="Times New Roman, Times, serif" size="2"><br>
Washington, D.C.&nbsp;&nbsp;20549</font></b></p><p align="center"><b><font face="Times New Roman, Times, serif" size="2"> <font size="5">FORM
8-K</font></font></b></p><p align="center"><b><font face="Times New Roman, Times, serif" size="3">CURRENT REPORT<br>
</font></b><font face="Times New Roman, Times, serif" size="3"><b>Pursuant to
Section 13 OR 15(d) of The Securities Exchange Act of 1934</b></font></p><p><font face="Times New Roman, Times, serif" size="2"><br>
Date of Report (Date of earliest event reported)&nbsp;&nbsp;<b><u>May 7, 2014</u></b><br>
</font></p>
<div align="center"><b><font size="6" face="Arial, Helvetica, sans-serif"><img src="nve-logo.gif" width="276" height="54" alt="NVE Logo"><br>
NVE Corporation</font></b><font face="Times New Roman, Times, serif" size="2"><br>
(Exact name of registrant as specified in its charter)</font></div><font face="Times New Roman, Times, serif" size="2">
<div align="center">
<p>&nbsp;</p></div></font>
<div align="center"></div><table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="33%">
<p align="center"><font face="Times New Roman, Times, serif"><b><font size="2" ><u>Minnesota</u></font></b></font></p></td><td width="33%">
<div align="center"><font face="Times New Roman, Times, serif" size="2"><b><u>000-12196</u>
</b></font></div></td><td>
<p align="center"><b><font size="2" face="Times New Roman"><u>41-1424202</u></font></b></p></td></tr>
<tr>
<td>
<p align="center"><font size="2" face="Times New Roman, Times, serif">(State
or other jurisdiction of incorporation)</font></p></td><td>
<div align="center"><font face="Times New Roman, Times, serif" size="2">(Commission File Number) </font></div></td><td>
<div align="center"><font size="2" face="Times New Roman, Times, serif">(IRS Employer Identification No.)</font></div></td></tr>
</table><br>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td rowspan="2" width="25%"></td><td width="50%">
<p align="center"><font size="2"><b><u>11409 Valley View Road, Eden Prairie,
Minnesota</u></b></font></p></td><td>
<p align="center"><font size="2"><b><font face="Times New Roman" ><u>55344</u></font></b></font></p></td></tr>
<tr>
<td width="50%">
<p align="center"><font size="2" face="Times New Roman, Times, serif">(Address of principal executive offices)</font></p></td><td>
<p align="center"><font size="2">(Zip Code)</font></p></td></tr>
</table><br>
<font size="2" face="Times New Roman, Times, serif">Registrant&#146;s telephone number, including area code <b><u>(952) 829-9217</u></b><br><br>
<div align="center"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
(Former name or former address, if changed since last report.)</div><br><br>Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):<br>
<br>
[&nbsp;&nbsp;] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
<br>
[&nbsp;&nbsp;] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)<br>
<br>
[&nbsp;&nbsp;] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))<br>
<br>
[&nbsp;&nbsp;] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))<br><br>
</font><DIV STYLE="page-break-after: always;"><HR></DIV>
<font face="Times New Roman, Times, serif" size="2"><b>Item 2.02. Results of Operations
and Financial Condition.</b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furnished as Exhibit 99 is a press release of NVE
Corporation reporting results for the quarter and fiscal year ended March&nbsp;31,
2014.<br>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p></font>
<DIV STYLE="page-break-after: always;">
<DIV STYLE="width: 100%; text-align: center;"><font face="Times New Roman, Times, serif" size="2">2</FONT></DIV>
<HR>
</DIV>
<font face="Times New Roman, Times, serif" size="2">
<div align="center"><b>SIGNATURE</b><br>
<br>
</div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.<br>
&nbsp;
</font>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="33%" valign="top"> <font face="Times New Roman, Times, serif" size="2">Date&nbsp;&nbsp;<b><u>May 7, 2014</u></b>
</font> </td>
<td align="center" width="34%"><font face="Times New Roman, Times, serif" size="2"><b><u>NVE CORPORATION<br>
</u></b>(Registrant)<br>
<br>
<u>&nbsp;/s/&nbsp;CURT&nbsp;A.&nbsp;REYNDERS</u><br>
Curt A. Reynders<br>
Chief Financial Officer</font></td><td width="33%"></td></tr>
</table><p>
<p>&nbsp;</p><p>&nbsp;</p><p>&nbsp;</p><DIV STYLE="page-break-after: always;">
<DIV STYLE="width: 100%; text-align: center;"><font face="Times New Roman, Times, serif" size="2">3</FONT></DIV>
<HR>
</DIV>
<div align="center"><font face="Times New Roman, Times, serif" size="2"><b>INDEX TO EXHIBITS</b><br>
<br>
</font> </div><table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="1%">
<div align="center"><font face="Times New Roman, Times, serif" size="2"><b><u>Exhibit&nbsp;#</u></b></font></div></td><td width="88%">
<div align="center"><font face="Times New Roman, Times, serif" size="2"><b><u>Description</u></b></font></div></td></tr>
<tr>
<td colspan="2"><font face="Times New Roman, Times, serif" size="2"></font></td></tr>
<tr>
<td valign="top">
<font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;99</font></td>
<td align="center"><font face="Times New Roman, Times, serif" size="2">Press release
of NVE Corporation reporting results for the quarter and fiscal year ended March
31, 2014.&nbsp; </font></td>
</tr>
</table><p>&nbsp;</p><p>&nbsp;</p><p>&nbsp;</p><p align="center"><font face="Times New Roman, Times, serif" size="2"><br>
4</font>
<hr>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>q4-14pr.htm
<DESCRIPTION>PRESS RELEASE FOR QUARTER AND FISCAL YEAR ENDED MARCH 31, 2014
<TEXT>
<p><hr color="#225EAC" noshade size="1"> <table width="100%" border="0" cellspacing="00" cellpadding="0">
<tr> <td valign="middle"><img src="sml-logo.gif" alt="NVE Logo"></td><td align="right"><font face="Arial, Helvetica, sans-serif" size="3"><b>PRESS
RELEASE</b></font><br> <font face="Arial, Helvetica, sans-serif" size="2">For
immediate release</font></td></tr> </table><hr color="#225EAC" noshade size="1">
<div align="center"><font face="Arial, Helvetica, sans-serif"><br>
<b>NVE Corporation Reports Fourth  Quarter and Fiscal Year Results</b></font></div>
<br>
EDEN PRAIRIE, Minn.&#151;May 7, 2014&#151;NVE Corporation (Nasdaq: NVEC) announced
today financial results for the quarter and fiscal year ended March&nbsp;31, 2014.<br>
<br>
Total revenue for the fourth quarter of fiscal 2014 decreased 17% to $5.98&nbsp;million from
$7.22&nbsp;million in the prior-year quarter. The decrease was due to a 9% decrease in product sales
and an 85% decrease in contract research and development revenue. Net income for the fourth
quarter of fiscal 2014 decreased 18% to $2.56&nbsp;million, or $0.53 per diluted share, compared to
$3.11&nbsp;million, or $0.64 per diluted share, for the prior-year quarter.<br><br>
For fiscal 2014, total revenue decreased 4% to $25.9&nbsp;million from $27.0&nbsp;million for the prior
fiscal year. Product sales increased 4% to $25.5&nbsp;million and contract research and development
revenue decreased 84% to $423,000. Net income for fiscal 2014 decreased 6% to $11.1&nbsp;million,
or $2.29 per diluted share, compared to $11.8&nbsp;million, or $2.43 per diluted share, for fiscal 2013.<br><br>
&#147;We are pleased to report an increase in product sales and record gross margins for the year,&#148;
said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D.
<br>
<br>
NVE is a leader in the practical commercialization of spintronics, a nanotechnology that relies
on electron spin rather than electron charge to acquire, store and transmit information. The
company manufactures high-performance spintronic products including sensors and couplers
that are used to acquire and transmit data. NVE has also licensed its spintronic magnetoresistive
random access memory technology, commonly known as MRAM.
<br>
<br>
<b>Statements used in this press release that relate to future plans, events, financial results or
performance are forward-looking statements that are subject to certain risks and
uncertainties including, among others, such factors as risks of decreased revenues,
uncertainties related to direct and indirect U.S. Government funding, risks in the
enforcement of our patents, litigation risks, as well as the risk factors listed from time to
time in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal
year ended March 31, 2014 and other reports filed with the SEC.</b><br>
<br>
<DIV STYLE="page-break-after: always;">
<DIV STYLE="width: 100%; text-align: center;"><font face="Times New Roman, Times, serif" size="2">###</FONT></DIV>
<HR>
</DIV>
<table border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td>
<pre><b>
                           NVE CORPORATION
                         STATEMENTS OF INCOME
     QUARTERS AND YEARS ENDED MARCH 31, 2014 AND 2013 (Unaudited)

                                            Quarter Ended March 31
                                              2014          2013 </b>
                                         ---------------------------
  Revenue
    Product sales                          $ 5,857,866   $ 6,409,821
    Contract research and development          125,231       812,676
                                         ---------------------------
  Total revenue                              5,983,097     7,222,497
  Cost of sales                              1,388,980     1,877,297
                                         ---------------------------
  Gross profit                               4,594,117     5,345,200
  Expenses
    Selling, general, and administrative       478,897       526,018
    Research and development                   840,719       769,212
                                         ---------------------------
  Total expenses                             1,319,616     1,295,230
                                         ---------------------------
  Income from operations                     3,274,501     4,049,970
  Interest income                              544,609       574,640
                                         ---------------------------
  Income before taxes                        3,819,110     4,624,610
  Provision for income taxes                 1,256,885     1,515,655
                                         ---------------------------
  Net income                               $ 2,562,225   $ 3,108,955
                                         ===========================
  Net income per share - basic                  $ 0.53        $ 0.64
                                         ===========================
  Net income per share - diluted                $ 0.53        $ 0.64
                                         ===========================
  Weighted average shares outstanding
    Basic                                    4,848,721     4,861,747
    Diluted                                  4,866,382     4,885,865

<b>                                             Year Ended March 31
                                              2014          2013
</b>                                         ---------------------------
  Revenue
    Product sales                         $ 25,512,028  $ 24,434,823
    Contract research and development          422,879     2,598,596
                                         ---------------------------
  Total revenue                             25,934,907    27,033,419
  Cost of sales                              5,720,277     7,025,181
                                         ---------------------------
  Gross profit                              20,214,630    20,008,238
  Expenses
    Selling, general, and administrative     2,235,475     2,240,563
    Research and development                 3,585,339     2,570,821
                                         ---------------------------
  Total expenses                             5,820,814     4,811,384
                                         ---------------------------
  Income from operations                    14,393,816    15,196,854
  Interest income                            2,122,133     2,359,603
                                         ---------------------------
  Income before taxes                       16,515,949    17,556,457
  Provision for income taxes                 5,380,074     5,727,619
                                         ---------------------------
  Net income                              $ 11,135,875  $ 11,828,838
                                         ===========================
  Net income per share - basic                  $ 2.30        $ 2.44
                                         ===========================
  Net income per share - diluted                $ 2.29        $ 2.43
                                         ===========================
  Weighted average shares outstanding
    Basic                                    4,851,460     4,839,810
    Diluted                                  4,867,691     4,863,546</pre>
</td>
</tr>
</table>
<DIV STYLE="page-break-after: always;">
<HR>
</DIV><table border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td>
<pre><b>
                           NVE CORPORATION
                            BALANCE SHEETS
                       MARCH 31, 2014 AND 2013

                                           March 31,      March 31,
                                             2014           2013</b>
                                         ---------------------------
  ASSETS
  Current assets
    Cash and cash equivalents              $ 1,262,300   $ 2,509,683
    Marketable securities, short term       12,360,091     9,711,029
    Accounts receivable, net of
     allowance for uncollectible
     accounts of $15,000                     2,331,574     2,521,395
    Inventories                              3,207,333     3,336,592
    Deferred tax assets                        237,387            --
    Prepaid expenses and other assets          816,276       958,147
                                         ---------------------------
  Total current assets                      20,214,961    19,036,846
  Fixed assets
    Machinery and equipment                  8,536,010     8,417,061
    Leasehold improvements                   1,499,454     1,499,454
                                         ---------------------------
                                            10,035,464     9,916,515
    Less accumulated depreciation            7,030,692     6,228,122
                                         ---------------------------
  Net fixed assets                           3,004,772     3,688,393
  Marketable securities, long term          82,022,310    73,040,257
                                         ---------------------------
  Total assets                           $ 105,242,043  $ 95,765,496
                                         ===========================

  LIABILITIES AND SHAREHOLDERS' EQUITY
  Current liabilities
    Accounts payable                         $ 374,127     $ 422,092
    Accrued payroll and other                  808,675       918,060
    Deferred taxes                                  --       440,736
                                         ---------------------------
  Total current liabilities                  1,182,802     1,780,888

  Long-term deferred tax liabilities           354,600            --

  Shareholders' equity
    Common stock                                48,510        48,624
    Additional paid-in capital              20,464,883    21,200,742
    Accumulated other
     comprehensive income                      877,857     1,557,726
    Retained earnings                       82,313,391    71,177,516
                                         ---------------------------
  Total shareholders' equity               103,704,641    93,984,608
                                         ---------------------------
  Total liabilities and
   shareholders' equity                  $ 105,242,043  $ 95,765,496
                                         ===========================</pre>
</td>
</tr>
</table><hr>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>nve-logo.gif
<DESCRIPTION>NVE CORPORATION LOGO
<TEXT>
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end
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<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>sml-logo.gif
<DESCRIPTION>NVE CORPORATION LOGO
<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
